Amadeus' network and efficient scale advantages intact, as the travel environment remains healthy.
Although narrow-moat Amadeus reported in-line fourth-quarter results, we plan to lift our EUR 45 fair value estimate by EUR 2-3 to account for higher distribution sales (65% of the total) resulting from stronger global economic growth, especially in Amadeus’ international markets; less than 20% of sales comes from North America for Amadeus versus around 40% for Sabre. Still, we see Amadeus' shares as overvalued, trading near 24 times 2018 estimated earnings versus the 20 times average on a forwa...Amadeus is a transaction processor for the global travel and tourism industry. Co. provides transaction processing power and technology solutions to both travel providers (including full service carriers and low-cost airlines, hotels, rail operators, cruise and ferry operators, car rental companies and tour operators) and travel agencies (both online and offline). Co. acts both as a worldwide network connecting travel providers and travel agencies through a processing platform for the distribution of travel products and services (through the Distribution business), and as a provider of a portfolio of IT solutions which automate certain business processes (through the IT solutions business).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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